Invicta Diagnostic Ltd IPOINVICTA

The IPO opens on 01 Dec 2025 & closes on 03 Dec 2025.

Invicta Diagnostic Limited was incorporated as Limited Liability Partnership under the name 'Invicta Diagnostic LLP' vide Certificate of Incorporation dated January 22, 2021 issued by Assistant Registrar of Companies, Central Registration Centre. Further, Invicta Diagnostic LLP converted into a Private Limited Company as 'Invicta Diagnostic Private Limited' dated December 01, 2023. Subsequently, Company converted from a Private Limited to a Public Limited Company, and the name was changed to 'Invicta Diagnostic Limited' and a fresh Certificate of Incorporation dated July 02, 2024 was issued by the Central Processing Centre. Invicta Diagnostic Limited is an innovative diagnostic chain in Mumbai Metropolitan Region (MMR) offering comprehensive radiology and pathology solutions. It offer a one-stop solution for pathology and radiology testing services such as imaging (including radiology) and pathology/clinical laboratory to customers through a network, consisting of 8 diagnostic centres and 1 centralised laboratory across Mumbai Metropolitan Region in Maharashtra. The business and brand 'PC Diagnostics' were conceptualised and founded by Dr. Ketan Jayantilal Jain and Dr. Sanket Vinod Jain, Promoters and Non-Executive directors, who are a first-generation entrepreneur in healthcare and have more than 10 years and 7 years of experience, respectively, in integrated diagnostics business and both are a radiologist. The Promoter and Chief Financial Officer, Rohit Prakash Srivastava, have been involved in our business and operations since 2021 as Management Advisor. The history dates back to 2021, when the Promoters established the first 'PC Diagnostics' Centre in Thane, Maharashtra having the entire gamut of services including PET CT Scans, CT Scans, MRI Scans, Sonography, X-Ray and Pathology. The test menu includes pathology tests ranging from basic biochemistry and clinical pathology which are performed at their own centres to cytogenetics and high-end molecular diagnostic tests which are outsourced to larger reference laboratories, and radiology tests from basic echocardiograms, X-rays and ultrasounds to advanced radiology tests including computerised tomography (CT) scans, magnetic resonance imaging (MRI) scans and advanced positron emission tomography CT (PET CT). The Company acquired majority shareholding in 'PCD Diagnostics LLP' for a full-fledged diagnostic centre in Marol, Andheri East, forming it as the subsidiary in 2023. Thereafter, it acquired majority shareholding in 'Primacare Healthcare LLP' for a full-fledged diagnostic centre in Byculla, forming it as subsidiary and further acquired majority shareholding in 'Pratham MRI and CT Scan Centre' for a full-fledged diagnostic centre in Bhayandar, forming it a subsidiary in 2023. In 2024, the Company acquired a diagnostic centre in Sewri from PCD Medical LLP, acquired a diagnostic centre in Parel from Primacare Diagnostic LLP and acquired a centralised laboratory in Parel from Porteus Path Lab LLP. The Company further formed 'Invicta Medical LLP' as a subsidiary for setting up of diagnostic centre in Kalwa, Thane in 2024. In FY 2025, Company acquired Porteus Medical LLP, 'Primacare Diagnostic LLP, for setting up of a diagnostic centre in Dadar, Mumbai, making it a subsidiary of the Company. The Company came up with its initial public offering by issuing 33,08,000 equity shares of Rs 10 each by raising Rs 28.12 crores in December 2025.

Invicta Diagnostic Ltd IPO will close on 03 Dec 2025.

<ul><li>Expanding presence in Mumbai Metropolitan Region ("MMR") specifically in radiology sector.</li><li>Diagnostics provider that offers one-stop solution at affordable price.</li><li>Technical capability and technology with IT infrastructure.</li><li>Dedicated management team with significant industry experience.</li><li>Implementation of Hub and Spoke Model.</li></ul>

<table class="table"> <thead> <tr> <th>S.No</th> <th>Promoters Name</th> <th>Pre Issue Shares</th> <th>Pre Issue Percentage</th> <th>Post Issue Shares</th> <th>Post Issue Percentage</th> </tr> </thead> <tbody> <tr> <td>1</td> <td>Ketan Jayantilal Jain</td> <td>193600</td> <td>2.09</td> <td>193600</td> <td>1.54</td> </tr> <tr> <td>2</td> <td>Sanket Vinod Jain</td> <td>1315712</td> <td>14.2</td> <td>1315712</td> <td>10.47</td> </tr> <tr> <td>3</td> <td>Rohit Prakash Srivastava</td> <td>1391488</td> <td>15.02</td> <td>1391488</td> <td>11.07</td> </tr> <tr> <td>4</td> <td>Badal Kailash Naredi</td> <td>1392320</td> <td>15.03</td> <td>1392320</td> <td>11.07</td> </tr> <tr> <td>5</td> <td>Jayesh Prakash Jain</td> <td>997504</td> <td>10.77</td> <td>997504</td> <td>7.93</td> </tr> <tr> <td>6</td> <td>Monal Ketan Jain</td> <td>900952</td> <td>9.73</td> <td>900952</td> <td>7.17</td> </tr> <tr> <td>7</td> <td>Dipika Jayantilal Jain</td> <td>598024</td> <td>6.46</td> <td>598024</td> <td>4.76</td> </tr> <tr> <td>8</td> <td>Matesha Ritesh Gosar</td> <td>139272</td> <td>1.5</td> <td>139272</td> <td>1.11</td> </tr> <tr> <td>9</td> <td>Amol Purushottam Khandelwal</td> <td>506752</td> <td>5.47</td> <td>506752</td> <td>4.03</td> </tr> <tr> <td>10</td> <td>Kushal Wayunandan Koli</td> <td>270208</td> <td>2.92</td> <td>270208</td> <td>2.15</td> </tr> <tr> <td>11</td> <td>Kunal Anil Jain</td> <td>212160</td> <td>2.29</td> <td>212160</td> <td>1.69</td> </tr> <tr> <td>12</td> <td>Ghisulal Mangilal Parmar</td> <td>193824</td> <td>2.09</td> <td>193824</td> <td>1.54</td> </tr> <tr> <td>13</td> <td>Sachin Kamlakar Gawde</td> <td>32832</td> <td>0.35</td> <td>32832</td> <td>0.26</td> </tr> <tr> <td>14</td> <td>Vidhi Shramik Rathore</td> <td>174272</td> <td>1.88</td> <td>174272</td> <td>1.39</td> </tr> <tr> <td>15</td> <td>Rasila Anil Jain</td> <td>42000</td> <td>0.45</td> <td>42000</td> <td>0.33</td> </tr> <tr> <td>16</td> <td>Kundanmal Mangilal Parmar</td> <td>24000</td> <td>0.26</td> <td>24000</td> <td>0.19</td> </tr> </tbody> </table>

<ul><li>Its business and prospects may be adversely affected if the company is unable to maintain and grow its brand name and brand image.</li><li>Any interruptions at its flagship centre and other diagnostic centres may affect the company ability to process diagnostic tests, which in turn may adversely affect its business, results of operations and financial condition.</li><li>Concentrated emphasis on radiology services also exposes it to substantial risks that could adversely impact its operations, financial performance, and long-term growth prospects.</li><li>The company operations are concentrated in Mumbai Metropolitan Region ("MMR"), and any loss of business in such region could have an adverse effect on its business, results of operations and financial condition.</li><li>Its ability to remain competitive may be adversely affected by technological advancements, innovations in diagnostic testing and its ability to access such technology.</li><li>The company operates in a highly competitive business environment, and its inability to compete effectively could have an adverse effect on the company business, results of operations and financial condition.</li><li>Failures to establish and comply with appropriate quality standards when performing imaging, testing and diagnostics services could result in litigation and liability for it and could materially and adversely affect its reputation and results of operations.</li><li>Its may be unable to successfully implement or manage the company growth strategy.</li><li>The Restated Financial Information provided in this Red Herring Prospectus have been provided by the Peer Reviewed Chartered Accountants who are not the Statutory Auditors of the Company.</li><li>The industry in which the company operates possess various risks and challenges as provided in the Industry Report titled "Industry Report on Diagnostic Industry in India" dated July 22, 2024, which is exclusively prepared for the purposes of the Offer and issued by D&B and is commissioned and paid for by the Company ("D&B Report").</li><li>If the company pursue strategic acquisitions, its may not be able to successfully consummate favourable transactions or successfully integrate acquired businesses.</li><li>Its Subsidiaries, Invicta Medical LLP, Pratham MRI & CT Scan Centre and Porteus Medical LLP (Formerly known as Porteus Path Lab LLP) have incurred losses in the past and may incur losses in the future which could have an adverse effect on its business and results of operations.</li><li>Its business is capital intensive. If the company experience insufficient cash flows from its operations or are unable to borrow to meet the company capital requirements, it may materially and adversely affect its business and results of operations.</li><li>There have been instances where certain statutory forms are missing or corrupted on the records of the Ministry of Corporate Affairs (MCA) due to the technical issues of the V3 portal which poses potential risks, including penalties, legal challenges, and regulatory actions, which could impact the Company's reputation and financial stability.</li><li>Non-compliance with and changes in any of the applicable laws, rules or regulations, including pricing, safety, health and environmental laws, may adversely affect its business, results of operations and financial condition and cash flows.</li><li>The company requires certain approvals, licenses, registrations and permits for conducting its business and the company inability to obtain, retain or renew them in a timely manner, or at all, may adversely affect its business, results of operations and financial condition.</li><li>Its inability to protect or use the company intellectual property rights or comply with intellectual property rights of others may adversely affect its business and results of operations.</li><li>The Objects of the Issue for which the funds are being raised have not been appraised by any bank or financial institutions. Any variation in the utilization of its Net Proceeds as disclosed in this Draft Red Herring Prospectus would be subject to certain compliance requirements, including prior Shareholders' approval.</li><li>Delays in the establishment of new diagnostic centres could lead to cost overruns, which could have an adverse effect on its cash flows, business, results of operations and financial condition.</li><li>The company depends on third-parties to provide it the company testing equipment and reagents, and any failures to continue to do so or recall of existing testing equipment and reagents could adversely affect its business, results of operations and financial condition.</li><li>The company is dependent on a number of key personnel, including its senior management and qualified and experienced laboratory professionals, and the loss of, or its inability to attract or retain such persons could adversely affect its business, results of operations and financial condition.</li><li>Any inadequacy in packaging, collection of, or failures or delay in the delivery of, specimens to our diagnostic centres could compromise or destroy the integrity of such specimens, which could adversely affect its business, results of operations and financial condition.</li><li>The company relies on third parties for certain aspects of its operations, and any deficiency in services provided by them could adversely affect its business and reputation.</li><li>Failures or malfunction of the company equipment could adversely affect its ability to conduct the company operations.</li><li>Its may become subject to professional malpractice liability claims, which could be costly and, therefore, could negatively affect its business, results of operations and financial condition.</li><li>The company may be unable to retain or recruit trained professionals, which may adversely impact the reputation of its brand and materially and adversely affect the company results of operations and cash flows.</li><li>The company relies on its information technology systems and the telecommunication network in India in providing its diagnostic services and managing the company operations, and any disruption to such systems or networks could adversely affect its business operations, reputation and financial performance.</li><li>The company business operations are being conducted on premises owned by and leased from third parties, including its Promoter and members of the company Promoter Group. Its inability to continue operating from such premises, or to seek renewal or extension of such leases may adversely affect its business and results of operations.</li><li>The company ability to attract individual patients is largely dependent on the disposable income and increasing general health awareness of India's general population, which could decline due to a variety of factors.</li><li>Its operations are human capital intensive and the company operations may be materially adversely affected by strikes, work stoppages or increased wage demands by its employees.</li><li>Cyber threats and non-compliance with and changes in privacy laws and regulations may adversely affect its business, results of operations and financial condition and cash flows.</li><li>If the company fails to maintain an effective system of internal controls, its may not be able to successfully manage, or accurately report, the company financial risks. Despite its internal control systems, the company may be exposed to operational risks, including fraud, petty theft and embezzlement, which may adversely affect its reputation, business, financial condition, results of operations and cash flows.</li><li>If the company pursue strategic acquisitions, its may not be able to successfully consummate favourable transactions or successfully integrate acquired businesses.</li><li>Employee misconduct or failures of its internal processes or procedures could harm the company by impairing its ability to attract and retain patients and subject it to significant legal liability and reputational harm.</li><li>The company is subject to risks associated with expansion into new geographic regions.</li><li>Its insurance coverage may not be sufficient or may not adequately protect it against all material hazards, which may adversely affect its business, results of operations and financial condition.</li><li>The company has commissioned an industry report from Dun & Bradstreet Information Services India Private Limited, which has been used for industry related data in this Draft Red Herring Prospectus.</li><li>Its Promoters, Badal Kailash Naredi and Jayesh Prakash Jain, does not possess adequate experience and have not actively participated in the business activities undertaken by the Company.</li><li>Its Promoters will continue to retain a majority shareholding in the Company after the Issue, which will allow them to exercise significant influence over it.</li><li>Its Directors and Promoters may enter into ventures which are in businesses similar to its.</li><li>The company has entered, and will continue to enter, into related party transactions which may involve conflicts of interest. Further, its Individual Promoters, Directors and Key Managerial Personnel have interests in it other than reimbursement of expenses incurred and normal remuneration or benefits.</li><li>The determination of the Price Band is based on various factors and assumptions and the Issue Price of the Equity Shares may not be indicative of the market price of the Equity Shares upon listing on the Stock Exchange.</li><li>The company has presented certain supplemental information of its performance and liquidity which is not prepared under or required under AS.</li><li>Significant differences exist between Indian GAAP and other accounting principles, such as U.S. GAAP and IFRS, which investors may be more familiar with and may consider material to their assessment of its financial condition.</li><li>Pursuant to listing of the Equity Shares, its may be subject to pre-emptive surveillance measures like Additional Surveillance Measure (ASM) and Graded Surveillance Measures (GSM) by the Stock Exchange in order to enhance market integrity and safeguard the interest of investors.</li><li>Any future penalties or demands raised by statutory authorities may adversely impact the financial position of the company.</li><li>There are outstanding legal proceedings involving the Company, Promoters, Directors and Subsidiaries. Any adverse decision in such proceedings may have a material adverse effect on its business, results of operations and financial condition.</li><li>There has been delay in filing of forms with the Registrar of Companies as per the stipulated timelines prescribed under the Companies Act, 2013. Any penalty or action taken by any regulatory authorities in future, for delay in such compliances could impact the reputation and financial position of the Company to that extent.</li><li>Non-compliance with and changes in any of the applicable laws, rules or regulations, including pricing, safety, health and environmental laws, may adversely affect its business, results of operations and financial condition and cash flows.</li><li>The company requires certain approvals, licenses, registrations and permits for conducting its business and the company inability to obtain, retain or renew them in a timely manner, or at all, may adversely affect its business, results of operations and financial condition.</li><li>Its inability to protect or use our intellectual property rights or comply with intellectual property rights of others may adversely affect the company business and results of operations.</li><li>The Objects of the Issue for which the funds are being raised have not been appraised by any bank or financial institutions. Any variation in the utilization of its Net Proceeds as disclosed in this Red Herring Prospectus would be subject to certain compliance requirements, including prior Shareholders' approval.</li><li>Delays in the establishment of new diagnostic centres could lead to cost overruns, which could have an adverse effect on its cash flows, business, results of operations and financial condition.</li><li>The company depends on third-parties to provide it the company testing equipment and reagents, and any failures to continue to do so or recall of existing testing equipment and reagents could adversely affect its business, results of operations and financial condition.</li><li>The company is dependent on a number of key personnel, including its senior management and qualified and experienced laboratory professionals, and the loss of, or its inability to attract or retain such persons could adversely affect its business, results of operations and financial condition.</li><li>Any inadequacy in packaging, collection of, or failures or delay in the delivery of, specimens to its diagnostic centres could compromise or destroy the integrity of such specimens, which could adversely affect its business, results of operations and financial condition.</li><li>The company relies on third parties for certain aspects of its operations, and any deficiency in services provided by them could adversely affect its business and reputation.</li><li>Failures or malfunction of its equipment could adversely affect the company ability to conduct its operations.</li><li>The company may become subject to professional malpractice liability claims, which could be costly and, therefore, could negatively affect its business, results of operations and financial condition.</li><li>Its may be unable to retain or recruit trained professionals, which may adversely impact the reputation of the company brand and materially and adversely affect its results of operations and cash flows.</li><li>The company relies on its information technology systems and the telecommunication network in India in providing its diagnostic services and managing the company operations, and any disruption to such systems or networks could adversely affect its business operations, reputation and financial performance.</li><li>Its business operations are being conducted on premises owned by and leased from third parties, including the company Promoter and members of its Promoter Group. The company inability to continue operating from such premises, or to seek renewal or extension of such leases may adversely affect its business and results of operations.</li><li>Its ability to attract individual patients is largely dependent on the disposable income and increasing general health awareness of India's general population, which could decline due to a variety of factors.</li><li>Its operations are human capital intensive and the company operations may be materially adversely affected by strikes, work stoppages or increased wage demands by its employees.</li><li>Cyber threats and non-compliance with and changes in privacy laws and regulations may adversely affect its business, results of operations and financial condition and cash flows.</li><li>If the company fails to maintain an effective system of internal controls, its may not be able to successfully manage, or accurately report, its financial risks. Despite the company internal control systems, the company may be exposed to operational risks, including fraud, petty theft and embezzlement, which may adversely affect its reputation, business, financial condition, results of operations and cash flows.</li><li>Employee misconduct or failures of its internal processes or procedures could harm it by impairing the company ability to attract and retain patients and subject us to significant legal liability and reputational harm.</li><li>The company is subject to risks associated with expansion into new geographic regions.</li><li>Our insurance coverage may not be sufficient or may not adequately protect us against all material hazards, which may adversely affect our business, results of operations and financial condition.</li><li>We have commissioned an industry report from Dun & Bradstreet Information Services India Private Limited, which has been used for industry related data in this Red Herring Prospectus.</li><li>Our Promoters, Badal Kailash Naredi and Jayesh Prakash Jain, do not possess adequate experience and have not actively participated in the business activities undertaken by our Company.</li><li>Our Promoters will continue to retain a majority shareholding in our Company after the Issue, which will allow them to exercise significant influence over us.</li><li>Our Directors and Promoters may enter into ventures which are in businesses similar to ours.</li><li>We have entered, and will continue to enter, into related party transactions which may involve conflicts of interest. Further, our Individual Promoters, Directors and Key Managerial Personnel have interests in us other than reimbursement of expenses incurred and normal remuneration or benefits.</li><li>The determination of the Price Band is based on various factors and assumptions and the Issue Price of the Equity Shares may not be indicative of the market price of the Equity Shares upon listing on the Stock Exchange.</li><li>We have presented certain supplemental information of our performance and liquidity which is not prepared under or required under AS.</li><li>Significant differences exist between Indian GAAP and other accounting principles, such as U.S. GAAP and IFRS, which investors may be more familiar with and may consider material to their assessment of our financial condition.</li><li>Pursuant to listing of the Equity Shares, we may be subject to pre-emptive surveillance measures like Additional Surveillance Measure (ASM) and Graded Surveillance Measures (GSM) by the Stock Exchange in order to enhance market integrity and safeguard the interest of investors.</li></ul>

The Issue type of Invicta Diagnostic Ltd is Book Building - SME.

The minimum application for shares of Invicta Diagnostic Ltd is 3200.

The total shares issue of Invicta Diagnostic Ltd is 3308800.

Initial public offering of 33,08,800 equity shares of face value of Rs. 10/- each ("Equity Shares") for cash at a price of Rs. 85/- per equity share (including a premium of Rs. 75/- per equity share) ("Issue price") aggregating to Rs. 28.12 crores ("the Issue"). The issue will constitute 26.32 % of the post-issue paid up equity share capital of the company. The issue includes a reservation of 1,66,400 equity shares aggregating to Rs. 1.41 crores (constituting up to 1.32 % of the post issue paid-up equity share capital of the company) for subscription by market maker ("Market Maker Reservation Portion"). The issue less the market maker reservation portion is hereinafter referred to as the "Net Issue". The issue and the net issue will constitute 26.32 % and 25.00 % respectively, of the post-issue paid-up equity share capital of the company. Price Band: Rs. 85/- for equity share of face value of Rs. 10 each. The floor price is 8.50 times times the face value times of the face value of the equity shares. Bids can made for a minimum of 3,200 equity shares and in multiples of 1,600 equity shares thereafter.